Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bitcoin edges back above $60K as El Salvador buys the dip

CryptocurrencyOct 28, 2021 06:51AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Samuel Indyk

Investing.com – The price of Bitcoin moved back above $60,000 on Thursday morning after earlier falling to its lowest level since 15th October.

The world’s largest cryptocurrency had been trading lower as the correction from its all-time high last week continued to accelerate on the drop below $60,000, however, with news that El Salvador was “buying the dip”, Bitcoin reclaimed the $60,000 handle.

El Salvador’s President Nayib Bukele announced on Twitter (NYSE:TWTR) that the Central American nation had bought an additional 420 Bitcoin amid the latest pullback. At an average price of $60,000, the purchase would equal roughly $25 million.

El Salvador became the first country to adopt Bitcoin as legal tender when its Bitcoin Law came into effect in September this year. The initial adoption of Bitcoin as legal tender was bumpy, to say the least, as protests were observed in the country by citizens who were angry at the introduction.

Earlier this week, the country also had to remove a pricing feature from its digital Bitcoin wallet Chivo as users discovered a loophole that allowed them to make profits on trades.

Leveraged ETFs to get rejected?

Elsewhere in the world of Bitcoin, it seems that the US Securities and Exchange Commission (SEC) isn't going to be so quick in approving leveraged Bitcoin ETFs, despite the popularity of the initial products launched last week.

Bitcoin’s record high last week coincided with the launch of the first Bitcoin Futures ETF, the ProShares Bitcoin Strategy ETF (NYSE:BITO). Other fund managers were quick to come to market with competing products but the prospect of a leveraged Bitcoin fund being launched in the near future appears some way off.

According to the Wall Street Journal, the SEC has asked Valkyrie Investments not to proceed with plans for a leveraged Bitcoin ETF. On Tuesday, the fund manager proposed to launch a fund that would use 1.25 times leverage, effectively seeking to amplify the returns.

The SEC reportedly indicated it wants to limit new Bitcoin related products to those that provide unleveraged exposure to Bitcoin futures.

Bitcoin edges back above $60K as El Salvador buys the dip
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
William Max
William Max Nov 02, 2021 1:22PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I want to sell my coins can you buy
perplexed76 .
perplexed76 . Oct 28, 2021 6:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
joke country bought play money
Edward Chong
Edward Chong Oct 28, 2021 6:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the president is already a joke from day 1.
Stephen Fa
Stephen Fa Oct 28, 2021 6:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
@perplexed76, Have fun staying poor!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email